Unable to reach a new swipe fee agreement, Walmart has chosen to stop accepting Visa cards for payment in its Canada stores.
Last month, Walmart announced that it would stop accepting Visa credit cards in its Canadian locations if the company was not able to reach a deal over Visa’s “unacceptably high” swipe fees, and Walmart is now acting on its promise.
According to a recent Fortune report, on Mon., July 18, three of Walmart’s Canada stores in Thunder Bay, Ontario ceased to accept Visa credit cards as a form of payment. Walmart, last month, stated that the company would not accept these cards again unless the companies could reach a better deal, as Visa has allegedly been “hosing” Walmart with fees.
Walmart intends to expand the Visa ban across its more than 370 Canada outlets, but the company has given no further details, Fortune reported. However, Walmart has also stated that the company expects to meet an agreement upon an “acceptable” swipe fee, and the decision to stop accepting Visa will not affect stores outside of Canada.
One Visa spokeswoman has stated that the company is committed to finding a reasonable solution to the issue in order to ensure that its cards can be used in Walmart stores, Fortune reported.